How the US Money System Creates Currency Through IOUs

Recommended, often in Bitcoin and monetary threads, as a clear introduction to how the US money system works, though it comes with a strong goldbug slant.

Episode 4 of Mike Maloney's Hidden Secrets of Money, explaining how currency is created through a chain of IOUs among the Treasury, banks and the Federal Reserve. It covers bonds, Fed checks, debt, taxes and fractional reserve lending, from a gold-and-silver advocate's viewpoint.